Investigating the causal nexus between remittances and economic growth in Zimbabwean

https://doi.org/10.35912/amor.v7i1.2430
Published: Aug 22, 2025

Abstract:

Purpose: This study aims to examine the nexus between remittances and economic growth in Zimbabwe.

Methods: The research employed the Granger Causality test using annual time series data from 1980 to 2022. Preliminary diagnostic tests including stationarity, cointegration, and error correction modeling were conducted to ensure methodological rigor.

Results: Findings reveal that remittances are not significantly influenced by GDP, as shown by a P-value of 0.5158. Conversely, remittances significantly drive Zimbabwe’s economic growth with a P-value of 0.0429. This highlights remittances as a vital income source that fuels household consumption, investment, and financial inclusion. The unidirectional causality emphasizes their role as a stable economic pillar independent of GDP fluctuations.

Conclusion: The study demonstrates that remittances Granger-cause economic growth in Zimbabwe, but GDP does not Granger-cause remittances. This underlines the critical role of remittance inflows in sustaining consumption, supporting human capital investment, and strengthening financial development in the context of economic instability and high emigration.

Limitation: The research faced challenges in accessing complete and reliable data, requiring innovative strategies to address missing values and restricting analysis to annual data.

Contribution: The results provide context-specific evidence useful for scholars and policymakers in designing strategies to better channel remittances into productive investments. The study contributes by clarifying the causal mechanism between remittances and growth in Zimbabwe and offering insights for policy initiatives aimed at economic recovery and sustainable development.

Keywords:
1. Economic Growth
2. Granger-caused
3. Remittances
4. Time Series Data
5. Zimbabwe
Authors:
1 . Knowledge Jonasi
National University of Science and Technology, Bulawayo, Zimbabwe
2 . Tendai Towo
Bindura University of Science Education, Bindura, Zimbabwe
3 . Ezekiel Chitombo
Bindura University of Science Education, Bindura, Zimbabwe
4 . Talent Kondo
Bindura University of Science Education, Bindura, Zimbabwe
5 . Phillip Dangaiso
Chinhoyi University of Technology, Chinhoyi, Zimbabwe
6 . Elizabeth Vakai
JartaVak Entreprises, 1st Floor,Construction House, Harare, Zimbabwe
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How to Cite
Jonasi, K., Towo, T. ., Chitombo, E., Kondo, T., Dangaiso, P., & Vakai, E. (2025). Investigating the causal nexus between remittances and economic growth in Zimbabwean. Annals of Management and Organization Research, 7(1), 67–81. https://doi.org/10.35912/amor.v7i1.2430
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Issue & Section
Vol. 7 No. 1 (2025): August
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author Biography

Tendai Towo, Bindura University of Science Education, Bindura, Zimbabwe

Bindura University of Science Education, Bindura, Zimbabwe

References

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    Al-Islam, S. M., Prachee, F. S., & Saifullah, M. K. (2022). The Impact of Remittances on Children’s Education in Bangladesh. Institutions and Economies, 87-110. https://doi.org/10.22452/IJIE.vol14no3.4

    Anoke, A. F. (2023). Microfinance services and the growth of women entrepreneurial businesses in North Central Nigeria. International Journal of Financial, Accounting, and Management, 4(4), 379-393. https://doi.org/10.35912/ijfam.v4i4.1106

    Ayuba, M. R. (2023). Remittance flows: examining the frequency and relevance in Nigeria. Sapientia Global Journal of Arts, Humanities and Development Studies, 6(1).

    Bilgic, E. (2007). Causal relationship between foreign direct investment and economic growth in Turkey: Institutionen för teknik och samhälle.

    Bucevska, V. (2022). Impact of remittances on economic growth: Empirical evidence from South-East European countries. South East European Journal of Economics and Business, 17(1), 79-94. 10.2478/jeb-2022-0006

    Cazachevici, A., Havranek, T., & Horvath, R. (2020). Remittances and economic growth: A meta-analysis. World Development, 134, 105021. https://doi.org/10.1016/j.worlddev.2020.105021

    Chami, R., Hakura, D. S., & Montiel, P. J. (2012). Do worker remittances reduce output volatility in developing countries? Journal of globalization and Development, 3(1). https://doi.org/10.1515/1948-1837.1151

    Chinembiri, T. (2017). The impact of USD-rand exchange rate on remmittance to Zimbabwe (2008-2015).

    Cui, X., Umair, M., Ibragimove Gayratovich, G., & Dilanchiev, A. (2023). DO remittances mitigate poverty? AN empirical evidence from 15 selected asian economies. The Singapore Economic Review, 68(04), 1447-1468. https://doi.org/10.1142/S0217590823440034

    Damiyano, D., & Dorasamy, N. (2019). The diaspora effect to poverty alleviation in Zimbabwe. Restaurant Business, 118(11), 381-416. 10.26643/rb.v118i11.10703

    Dhakal, S. C., & Paudel, A. (2023). Remittance in Nepal: Status, Trend and Economic Impacts. Malaysian Journal of Sustainable Environment, 2(1), 52-60. http://doi.org/10.26480/bedc.02.2023.52.60

    Diebold, L., & Richter, B. (2023). When two become one: foreign capital and household credit expansion. Available at SSRN 3817595.

    Dritsaki, M., Dritsaki, C., & Adamopoulos, A. (2004). A causal relationship between trade, foreign direct investment and economic growth for Greece. American Journal of applied sciences, 1(3), 230-235. 10.3844/ajassp.2004.230.235

    Garikai, B. W. (2020). Understanding Diaspora Remittances Levels in Zimbabwe (2009-2020) Including Future Forecasts Using ARIMA Technique (2020-2022). European Journal of Research Development and Sustainability, 1(2), 10-21.

    Golder, U., Rumaly, N., Hossain, M. K., & Nigar, M. (2023). Financial progress, inward remittances, and economic growth in Bangladesh: Is the nexus asymmetric? Heliyon, 9(3).

    Greene, J. A., Copeland, D. Z., & Deekens, V. M. (2021). A model of technology incidental learning effects. Educational Psychology Review, 33(3), 883-913.

    Group, I. E. (2022). Results and Performance of the World Bank Group 2022: World Bank.

    Gujarati, D. (2014). Econometrics by example: Bloomsbury Publishing.

    Gujarati, D. N. (2009). Basic econometrics: McGraw-Hill.

    Hussain, R. Y., Bajaj, N. K., Kumari, S., & Al-Faryan, M. A. S. (2023). Does economic policy uncertainty affect foreign remittances? Linear and non-linear ARDL approach in BRIC economies. Cogent Economics & Finance, 11(1), 2183642. https://doi.org/10.1080/23322039.2023.2183642

    Inoue, T. (2024). Digital financial inclusion, international remittances, and poverty reduction. Journal of Economic Structures, 13(1), 8. https://doi.org/10.1186/s40008-024-00328-z

    Kapesa, T., Nyagadza, B., Mugano, G., & Cheza, A. (2023). Impact of the COVID-19 pandemic on survival of MSMEs in Zimbabwe. International Journal of Financial, Accounting, and Management, 5(2), 179-194. https://doi.org/10.35912/ijfam.v5i2.1329

    Khan, M. A. (2024). The impact of migrant remittances on economic development: empirical evidence from the developing world. Journal of Social and Economic Development, 1-29. https://doi.org/10.1007/s40847-024-00329-5

    King, R., Frykman, M. P., & Vullnetari, J. (2013). Migration, transnationalism and development on the Southeastern flank of Europe. Southeast European and Black Sea Studies, 13(2), 125-140. https://doi.org/10.1080/14683857.2013.802175

    Kinyua, C. (2021). The Effect of Diaspora Remittances on Macroeconomic Variables in East Africa Community. University of Nairobi.

    Kondo, T., & Mutsvangwa, S. (2025). The dynamics of fiscal deficit and current account in 12 SADC countries. Journal of Governance and Accountability Studies, 5(1), 17-31. https://doi.org/10.35912/jgas.v5i1.2499.

    Litterman, R. B. (1986). A statistical approach to economic forecasting. Journal of Business & Economic Statistics, 4(1), 1-4. https://doi.org/10.1080/07350015.1986.10509485

    Lucas, R. E., & Stark, O. (1985). Motivations to remit: Evidence from Botswana. Journal of political Economy, 93(5), 901-918.

    Magai, P. S. (2020). The relevance of remittances on economic growth in Tanzania. ORSEA JOURNAL, 9(1).

    Maune, A., & Matanda, E. (2022). The Impact of Foreign Remittances on Economic Growth: Evidence from Zimbabwe. Acta Universitatis Danubius. Œconomica, 18(4).

    Maune, A., Matanda, E., & Chitombo, E. (2023). Foreign Direct Investment, Gross Capital Formation, Foreign Remittances, and Economic Growth in Zimbabwe. Folia Oeconomica Stetinensia, 23(2), 261-274. https://doi.org/10.2478/foli-2023-0030

    Meyer, D., & Shera, A. (2017). The impact of remittances on economic growth: An econometric model. EconomiA, 18(2), 147-155. https://doi.org/10.1016/j.econ.2016.06.001

    Muhammed, A. Y., Adenike, M., & Salahudeen, H. (2020). The impact of Covid-19 lockdown on socio-economic activities in Kaduna State, Nigeria. Journal of Sustainable Tourism and Entrepreneurship, 2(1), 41-51. https://doi.org/10.35912/joste.v2i1.547

    Mukoka, S. (2020). Diaspora remittances and economic growth in Zimbabwe. Diaspora, 1(4).

    Nasir, M. S., & Ahsan, M. Q. (2023). Coronavirus pandemic and its impacts on the world’s economy. Journal of Sustainable Tourism and Entrepreneurship, 4(2), 105-115. https://doi.org/10.35912/joste.v4i2.501

    Nugraheni, N. N. A., Kellen, P. B., & de Rozari, P. E. (2021). The effect of financial behavior, financial literacy, and macroeconomics on stock investment decision-making in East Nusa Tenggara. Annals of Management and Organization Research, 3(1), 1-20. https://doi.org/10.35912/amor.v3i1.1183

    Nyasha, S., & Odhiambo, N. M. (2022). The impact of remittances on economic growth: empirical evidence from South Africa. International Journal of Trade and Global Markets, 15(2), 254-272. https://doi.org/10.1504/IJTGM.2022.121457

    Ogundipe, A. A., Oye, Q. E., Ogundipe, O. M., & Osabohien, R. (2020). Does infrastructural absorptive capacity stimulate FDI-Growth Nexus in ECOWAS? Cogent Economics & Finance, 8(1), 1751487. https://doi.org/10.1080/23322039.2020.1751487

    Olubukola, A. O., Matowanyika, K., Makurumidze, S., Bhebhe, T., & Sifile, O. (2021). Saving practices and economic performance: A Zimbabwean case 1980–2015.

    Pant, C. R., Bashyal, S., & Pant, K. R. (2023). Role of remittance in GDP growth of Nepal. AMC Journal (Dhangadhi), 4(1), 45-51. https://doi.org/10.3126/amcjd.v4i1.58832

    Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American statistical Association, 94(446), 621-634. https://doi.org/10.1080/01621459.1999.10474156

    Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616.

    Sims, C. A. (1980). Macroeconomics and reality. Econometrica: journal of the Econometric Society, 1-48.

    Sonkar, S., & Sarkar, A. K. (2020). Exploring the direct relationship between GDP per-capita and financial inclusion. Annals of Management and Organization Research, 1(3), 187-202. 10.35912/amor.v1i3.415

    Sukmadilaga, C., Fitri, A. N., & Ghani, E. K. (2022). Do Foreign Investment Flow and Overconfidence Influence Stock Price Movement? A Comparative Analysis before and after the COVID-19 Lockdown. Journal of Risk and Financial Management, 16(1), 5. https://doi.org/10.3390/jrfm16010005

    Tamirat, N. (2023). Determinants of youth unemployment in Southern Ethiopia: Evidence from Duna District, Ethiopia. International Journal of Financial, Accounting, and Management, 4(4), 509-520. https://doi.org/10.35912/ijfam.v4i4.1188

    Tanha, M., Mahumd, A., Sultana, M., Chakma, T., Hassan, E. M., Mabud, S. A., . . . Joy, A. H. (2022). Self and counterfeit consumption in emerging markets. Annals of Management and Organization Research, 4(1), 47-64. https://doi.org/10.35912/amor.v4i1.1325

    Tenaye, A. (2019). The role of international remittance on economic growth in Ethiopia. st. mary's University.

    Towo, T., & Jonasi, K. (2024). The impact of financial literacy on financial preparedness for retirement among formally employed individuals in Zimbabwe. Annals of Management and Organization Research, 5(4), 285-295. https://doi.org/10.35912/amor.v5i4.2015

    ul Husnain, M. I., Nasrullah, N., Khan, M. A., & Banerjee, S. (2021). Scrutiny of income related drivers of energy poverty: a global perspective. Energy Policy, 157, 112517. https://doi.org/10.1016/j.enpol.2021.112517

    Wellalage, N. H., & Locke, S. (2020). Remittance and financial inclusion in refugee migrants: inverse probability of treatment weighting using the propensity score. Applied Economics, 52(9), 929-950. https://doi.org/10.1080/00036846.2019.1646876

    Wilson, E., Jayanthakumaran, K., & Verma, R. (2019). Interdependencies of internal migration, urbanization, poverty, and inequality: The case of urban India. Internal migration, urbanization and poverty in Asia: Dynamics and interrelationships, 109-131. https://doi.org/10.1007/978-981-13-1537-4_5

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  2. Al-Islam, S. M., Prachee, F. S., & Saifullah, M. K. (2022). The Impact of Remittances on Children’s Education in Bangladesh. Institutions and Economies, 87-110. https://doi.org/10.22452/IJIE.vol14no3.4
  3. Anoke, A. F. (2023). Microfinance services and the growth of women entrepreneurial businesses in North Central Nigeria. International Journal of Financial, Accounting, and Management, 4(4), 379-393. https://doi.org/10.35912/ijfam.v4i4.1106
  4. Ayuba, M. R. (2023). Remittance flows: examining the frequency and relevance in Nigeria. Sapientia Global Journal of Arts, Humanities and Development Studies, 6(1).
  5. Bilgic, E. (2007). Causal relationship between foreign direct investment and economic growth in Turkey: Institutionen för teknik och samhälle.
  6. Bucevska, V. (2022). Impact of remittances on economic growth: Empirical evidence from South-East European countries. South East European Journal of Economics and Business, 17(1), 79-94. 10.2478/jeb-2022-0006
  7. Cazachevici, A., Havranek, T., & Horvath, R. (2020). Remittances and economic growth: A meta-analysis. World Development, 134, 105021. https://doi.org/10.1016/j.worlddev.2020.105021
  8. Chami, R., Hakura, D. S., & Montiel, P. J. (2012). Do worker remittances reduce output volatility in developing countries? Journal of globalization and Development, 3(1). https://doi.org/10.1515/1948-1837.1151
  9. Chinembiri, T. (2017). The impact of USD-rand exchange rate on remmittance to Zimbabwe (2008-2015).
  10. Cui, X., Umair, M., Ibragimove Gayratovich, G., & Dilanchiev, A. (2023). DO remittances mitigate poverty? AN empirical evidence from 15 selected asian economies. The Singapore Economic Review, 68(04), 1447-1468. https://doi.org/10.1142/S0217590823440034
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  13. Diebold, L., & Richter, B. (2023). When two become one: foreign capital and household credit expansion. Available at SSRN 3817595.
  14. Dritsaki, M., Dritsaki, C., & Adamopoulos, A. (2004). A causal relationship between trade, foreign direct investment and economic growth for Greece. American Journal of applied sciences, 1(3), 230-235. 10.3844/ajassp.2004.230.235
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  21. Hussain, R. Y., Bajaj, N. K., Kumari, S., & Al-Faryan, M. A. S. (2023). Does economic policy uncertainty affect foreign remittances? Linear and non-linear ARDL approach in BRIC economies. Cogent Economics & Finance, 11(1), 2183642. https://doi.org/10.1080/23322039.2023.2183642
  22. Inoue, T. (2024). Digital financial inclusion, international remittances, and poverty reduction. Journal of Economic Structures, 13(1), 8. https://doi.org/10.1186/s40008-024-00328-z
  23. Kapesa, T., Nyagadza, B., Mugano, G., & Cheza, A. (2023). Impact of the COVID-19 pandemic on survival of MSMEs in Zimbabwe. International Journal of Financial, Accounting, and Management, 5(2), 179-194. https://doi.org/10.35912/ijfam.v5i2.1329
  24. Khan, M. A. (2024). The impact of migrant remittances on economic development: empirical evidence from the developing world. Journal of Social and Economic Development, 1-29. https://doi.org/10.1007/s40847-024-00329-5
  25. King, R., Frykman, M. P., & Vullnetari, J. (2013). Migration, transnationalism and development on the Southeastern flank of Europe. Southeast European and Black Sea Studies, 13(2), 125-140. https://doi.org/10.1080/14683857.2013.802175
  26. Kinyua, C. (2021). The Effect of Diaspora Remittances on Macroeconomic Variables in East Africa Community. University of Nairobi.
  27. Kondo, T., & Mutsvangwa, S. (2025). The dynamics of fiscal deficit and current account in 12 SADC countries. Journal of Governance and Accountability Studies, 5(1), 17-31. https://doi.org/10.35912/jgas.v5i1.2499.
  28. Litterman, R. B. (1986). A statistical approach to economic forecasting. Journal of Business & Economic Statistics, 4(1), 1-4. https://doi.org/10.1080/07350015.1986.10509485
  29. Lucas, R. E., & Stark, O. (1985). Motivations to remit: Evidence from Botswana. Journal of political Economy, 93(5), 901-918.
  30. Magai, P. S. (2020). The relevance of remittances on economic growth in Tanzania. ORSEA JOURNAL, 9(1).
  31. Maune, A., & Matanda, E. (2022). The Impact of Foreign Remittances on Economic Growth: Evidence from Zimbabwe. Acta Universitatis Danubius. Œconomica, 18(4).
  32. Maune, A., Matanda, E., & Chitombo, E. (2023). Foreign Direct Investment, Gross Capital Formation, Foreign Remittances, and Economic Growth in Zimbabwe. Folia Oeconomica Stetinensia, 23(2), 261-274. https://doi.org/10.2478/foli-2023-0030
  33. Meyer, D., & Shera, A. (2017). The impact of remittances on economic growth: An econometric model. EconomiA, 18(2), 147-155. https://doi.org/10.1016/j.econ.2016.06.001
  34. Muhammed, A. Y., Adenike, M., & Salahudeen, H. (2020). The impact of Covid-19 lockdown on socio-economic activities in Kaduna State, Nigeria. Journal of Sustainable Tourism and Entrepreneurship, 2(1), 41-51. https://doi.org/10.35912/joste.v2i1.547
  35. Mukoka, S. (2020). Diaspora remittances and economic growth in Zimbabwe. Diaspora, 1(4).
  36. Nasir, M. S., & Ahsan, M. Q. (2023). Coronavirus pandemic and its impacts on the world’s economy. Journal of Sustainable Tourism and Entrepreneurship, 4(2), 105-115. https://doi.org/10.35912/joste.v4i2.501
  37. Nugraheni, N. N. A., Kellen, P. B., & de Rozari, P. E. (2021). The effect of financial behavior, financial literacy, and macroeconomics on stock investment decision-making in East Nusa Tenggara. Annals of Management and Organization Research, 3(1), 1-20. https://doi.org/10.35912/amor.v3i1.1183
  38. Nyasha, S., & Odhiambo, N. M. (2022). The impact of remittances on economic growth: empirical evidence from South Africa. International Journal of Trade and Global Markets, 15(2), 254-272. https://doi.org/10.1504/IJTGM.2022.121457
  39. Ogundipe, A. A., Oye, Q. E., Ogundipe, O. M., & Osabohien, R. (2020). Does infrastructural absorptive capacity stimulate FDI-Growth Nexus in ECOWAS? Cogent Economics & Finance, 8(1), 1751487. https://doi.org/10.1080/23322039.2020.1751487
  40. Olubukola, A. O., Matowanyika, K., Makurumidze, S., Bhebhe, T., & Sifile, O. (2021). Saving practices and economic performance: A Zimbabwean case 1980–2015.
  41. Pant, C. R., Bashyal, S., & Pant, K. R. (2023). Role of remittance in GDP growth of Nepal. AMC Journal (Dhangadhi), 4(1), 45-51. https://doi.org/10.3126/amcjd.v4i1.58832
  42. Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American statistical Association, 94(446), 621-634. https://doi.org/10.1080/01621459.1999.10474156
  43. Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616.
  44. Sims, C. A. (1980). Macroeconomics and reality. Econometrica: journal of the Econometric Society, 1-48.
  45. Sonkar, S., & Sarkar, A. K. (2020). Exploring the direct relationship between GDP per-capita and financial inclusion. Annals of Management and Organization Research, 1(3), 187-202. 10.35912/amor.v1i3.415
  46. Sukmadilaga, C., Fitri, A. N., & Ghani, E. K. (2022). Do Foreign Investment Flow and Overconfidence Influence Stock Price Movement? A Comparative Analysis before and after the COVID-19 Lockdown. Journal of Risk and Financial Management, 16(1), 5. https://doi.org/10.3390/jrfm16010005
  47. Tamirat, N. (2023). Determinants of youth unemployment in Southern Ethiopia: Evidence from Duna District, Ethiopia. International Journal of Financial, Accounting, and Management, 4(4), 509-520. https://doi.org/10.35912/ijfam.v4i4.1188
  48. Tanha, M., Mahumd, A., Sultana, M., Chakma, T., Hassan, E. M., Mabud, S. A., . . . Joy, A. H. (2022). Self and counterfeit consumption in emerging markets. Annals of Management and Organization Research, 4(1), 47-64. https://doi.org/10.35912/amor.v4i1.1325
  49. Tenaye, A. (2019). The role of international remittance on economic growth in Ethiopia. st. mary's University.
  50. Towo, T., & Jonasi, K. (2024). The impact of financial literacy on financial preparedness for retirement among formally employed individuals in Zimbabwe. Annals of Management and Organization Research, 5(4), 285-295. https://doi.org/10.35912/amor.v5i4.2015
  51. ul Husnain, M. I., Nasrullah, N., Khan, M. A., & Banerjee, S. (2021). Scrutiny of income related drivers of energy poverty: a global perspective. Energy Policy, 157, 112517. https://doi.org/10.1016/j.enpol.2021.112517
  52. Wellalage, N. H., & Locke, S. (2020). Remittance and financial inclusion in refugee migrants: inverse probability of treatment weighting using the propensity score. Applied Economics, 52(9), 929-950. https://doi.org/10.1080/00036846.2019.1646876
  53. Wilson, E., Jayanthakumaran, K., & Verma, R. (2019). Interdependencies of internal migration, urbanization, poverty, and inequality: The case of urban India. Internal migration, urbanization and poverty in Asia: Dynamics and interrelationships, 109-131. https://doi.org/10.1007/978-981-13-1537-4_5